Spine and bone solution manufacturer ZimVie plans to lay off 5 percent of its global workforce in 2023, according to data presented in its first quarter financial results.
The company also plans to reduce discretionary spending, with the changes expected to save $17 million to $20 million in annualized net savings by 2024.
This workforce reduction comes as the company saw a 4.1 percent dip in sales in the first quarter, resulting in a $30 million net loss.
ZimVie currently employs about 2,700 team members worldwide, according to its company website
This comes as devicemaker Medtronic also announced impending layoffs to cut costs.